ENTREP RENEURSHIP

2. Lesson 1: Introduction to EntrepreneurshipObjectives:1. Discuss the relevance of the course; 2. Define Entrepreneur; Entrepreneurship and its Characteristics; 3. Discuss the attitude and personality of an effective entrepreneur4. Share success stories of famous local and global entrepreneurs

3. An Applied Subject ENTREPRENEURSHIP 3

4. Grade: 11/12 Subject Title: Entrepreneurship No. of Hours/Semester: 80 hours/semester (1 hour/day X 4 days a week) or (2 hours/day X 2 days a week) Prerequisite (if needed): None

5. Course Description: • This course deals with the concepts, underlying principles, processes and implementation of a business plan. The preliminaries of this course include the following: • discussion on the relevance of the course; • explanation of key concepts of common competencies; • explanation of core competencies relative to the course; and • exploration of career opportunities.

11. Key Differences Between Businessman and Entrepreneur The following are the differences between businessman and entrepreneur A person who brings his unique idea to run a startup company is known as an entrepreneur. A businessman is a person who starts a business on an old concept or idea. A businessman makes his place in the market with his efforts and dedication, whereas an entrepreneur creates the market for his own business. The businessman is a market player while Entrepreneur is a market leader because he is the first to start such a kind of enterprise. The nature of a businessman is calculative, but an entrepreneur is intuitive.

12. Key Differences Between Businessman and Entrepreneur As the businessman follows the footsteps of other businessmen, the possibility of failure is very less which is just opposite in the case of the entrepreneur. A businessman uses traditional methods to run the business. Conversely, an entrepreneur applies unconventional methods for the same. A businessman is oriented towards profit, however, an entrepreneur is a people focused in essence, he gives more importance to its employees, customers, and the public. The businessman faces extreme competition because it is very difficult to gain a competitive position in an already existing market, which is not in the case of an entrepreneur. Read more: http://keydifferences.com/difference-between-businessman-and-entrepreneur.html#ixzz4GfOUx41O

15. Entrepreneurship-Friendly Nations Ch. 1: The Foundations of Entrepreneurship

16. The World of the Entrepreneur • Global Entrepreneurship Monitor (GEM) study reports: • Men are twice as likely to start a business as women. • Most entrepreneurs turn to family members and friends for capital. • Entrepreneurs are most likely to launch businesses when they are between the ages of 35 and 44. Ch. 1: The Foundations of Entrepreneurship

17. What is an Entrepreneur? One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them. Ch. 1: The Foundations of Entrepreneurship

18. Characteristics of Entrepreneurs Desire for responsibility Preference for moderate levels of risk – risk eliminators Confidence in their ability to succeed Determination Desire for immediate feedback High level of energy Future orientation – opportunity, necessity, and serial entrepreneurs Skilled at organizing Value achievement over money Ch. 1: The Foundations of Entrepreneurship

19. Characteristics of Entrepreneurs • Entrepreneurs tend to exhibit: • A high degree of commitment • Tolerance for ambiguity • Flexibility • A willingness to work hard • Tenacity Ch. 1: The Foundations of Entrepreneurship

20. Sources of Entrepreneurial Success Ch. 1: The Foundations of Entrepreneurship

21. Entrepreneurship One characteristic of entrepreneurs stands out: Diversity! Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should). Ch. 1: The Foundations of Entrepreneurship

22. Entrepreneurs: Born or Made? • Is there inborn talent required? • Assume that the answer is YES: • then we can identify the main characteristics • if we have them, fine - no others need to apply! • we could start spotting talent in kindergarten • we could "stream" these people • we could discourage people without these talents

23. Entrepreneurs: Born or Made? • Assume the answer is NO: • then schools could teach anyone • would be a "profession" like law or medicine • companies could establish "nurseries" for them • government "incubators" would be successes • The real answer lies somewhere in-between • Talent and education is the way

24. Who is an Entrepreneur? Flexibility Ability Age Distribution for Starting Company 20 25 30 35 40 45 Age Situational more than personality

25. Future Goals Change Status Quo Satisfied manager Possible Entrepreneur Perceived Capability Frustrated manager Classic bureaucrat Blocked Who is an Entrepreneur? Manager’s Opportunities

26. Burch's Entrep. Personality Traits • A desire to achieve • Conquer problems, create successful venture • Hard work • Their workload is very hard to match • Nurturing quality • Acceptance of responsibility • Morally, legally and mentally accountable • Reward orientation • Want be rewarded for their efforts

27. Burch's Entrep. Personality Traits • Optimism • Anything is possible • Orientation to excellence • Pride in something first class • Organization • They are wholly "take charge" people • Profit orientation • Profit primarily a gauge of performance

28. Failure? So what! • Failure seen differently in America & Europe. • In Europe it is a major set-back • U.S. expected (required even!) • Canada - in between but tending to U.S. • “Our” System: • Many entrepreneurs had been "blue collar" • Many come from families of entrepreneurs • Many are immigrants or their children • But, there are no "rules" that ensure success • Universally, entrepreneurs shake off failure!

29. Failure as “Learning Process” • Ignore it, then start again • Some find it easy to blame someone else • In public, always optimistic • Especially with funders • Agonise over what went wrong in private • Willingness to disregard the rules • Start from first principles. • Ability to "bend, not break" rules of life

30. Classic Entrepreneurship: The Startup • Raw startup company—an innovative idea that develops into a high growth company • Qualities of a startup company • Strong leadership from the main entrepreneur • Complementary talents and outstanding teamwork of team members • Skill and ingenuity to find and control resources • Financial backing to chase opportunity

31. Desirable and Acquirable Attitudes and Behaviors • Commitment and determination • Leadership • Opportunity obsession • Tolerance of • Risk • Ambiguity • Uncertainty • Creativity, self-reliance, and adaptability • Motivation to excel

32. Communication Opportunity (2) Resources (4) Ambiguity Exogenous forces Creativity Leadership Team (3) Uncertainty Capital markets Founder (1) The Timmons Model of the Entrepreneurial Process Business Plan Fits and gaps

33. Benefits of Entrepreneurship The opportunity to: • Create your own destiny • Make a difference • Reach your full potential • Reap impressive profits • Contribute to society and to be recognized for your efforts • Do what you enjoy and to have fun at it Ch. 1: The Foundations of Entrepreneurship

34. Drawbacks of Entrepreneurship Uncertainty of income Risk of losing your entire investment Long hours and hard work Lower quality of life until the business gets established High levels of stress Complete responsibility Discouragement Ch. 1: The Foundations of Entrepreneurship

35. Feeding the Entrepreneurial Fire Entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Shift to a service economy Technology advancements Independent lifestyle The Internet and cloud computing Ch. 1: The Foundations of Entrepreneurship

36. U.S. Retail E-Commerce Revenues Ch. 1: The Foundations of Entrepreneurship

37. The Cultural Diversity of Entrepreneurship Young entrepreneurs Ch. 1: The Foundations of Entrepreneurship

38. Entrepreneurial Activity by Age Group Ch. 1: The Foundations of Entrepreneurship

39. The Cultural Diversity of Entrepreneurship (continued) Young entrepreneurs Women entrepreneurs Minority-owned enterprises Immigrant entrepreneurs Part-time entrepreneurs Ch. 1: The Foundations of Entrepreneurship

40. The Cultural Diversity of Entrepreneurship (continued) Home-based businesses Family businesses Copreneurs Corporate castoffs Corporate dropouts Social entrepreneurs Retiring baby boomers Ch. 1: The Foundations of Entrepreneurship

41. Small Businesses by Industry Ch. 1: The Foundations of Entrepreneurship

42. Putting Failure Into Perspective Entrepreneurs are not paralyzed by the prospect of failure. Failure – a natural part of the creative process. Successful entrepreneurs learn to fail intelligently. Ch. 1: The Foundations of Entrepreneurship

43. Avoiding the Pitfalls of Small Business Failure Know your business in depth Develop a solid business plan Manage financial resources Understand financial statements Learn to manage people effectively Set your business apart from the competition Maintain a positive attitude Ch. 1: The Foundations of Entrepreneurship

44. Conclusion Entrepreneurs: Are an important part of the free enterprise system Are a diverse and talented group of people Represent a cross-section of society as a whole Are able to enhance the profitability of their businesses through acquiring additional knowledge and experience Ch. 1: The Foundations of Entrepreneurship