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Chapter 3 Pg 43-64 Your Entrepreneurial Potential

Chapter 3 Pg 43-64 Your Entrepreneurial Potential. Your Entrepreneurial Potential. Review…Enterprising People. "Big Wins Require Big Risks" - Bill Gates. Your Entrepreneurial Potential. Review…Enterprising People.

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Chapter 3 Pg 43-64 Your Entrepreneurial Potential

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  1. Chapter 3Pg 43-64 Your Entrepreneurial Potential

  2. Your Entrepreneurial Potential Review…Enterprising People • "Big Wins Require Big Risks" - Bill Gates

  3. Your Entrepreneurial Potential Review…Enterprising People • Enterprising People– are people who demonstrate many of the characteristics of entrepreneurs. They can make things happen. • They may pursue their visions as intrapreneurs, or they may try to accomplish their goals in their spare time. Many enterprising people are agents of social change. • They respond to needs and wants in order to improve the lives of others or to contribute to the community.

  4. Your Entrepreneurial Potential Intrapreneurs • Intrapreneurs– people who are entrepreneurial or enterprising within a corporation or organization.

  5. Your Entrepreneurial Potential Enterprising People • Terry Fox – Run for Cancer • June Callwood – Home for Abused Women • Herb Carnegie – Future Aces • Rick Hansen – World Motion Tour for Handicapped • Lee Iacocca – Chrysler mini van • Sarah McLachlan – Lilith Fair Tour • Peter Dalglish – Street Kids International

  6. Your Entrepreneurial Potential Enterprising People • Terry Fox – Run for Cancer Terry Fox set out to raise money for cancer research by running across Canada. He single handedly raised close to $24 million with his Marathon of Hope. What characteristics did Terry exhibit? (600 Million to date)

  7. Your Entrepreneurial Potential Enterprising People • June Callwood June Callwood was a Canadian journalist, author, and social activist. She has founded many youth hostels and women’s shelter’s in Toronto and the GTA. What characteristics did June exhibit?

  8. Your Entrepreneurial Potential The Man in Motion • Rick Hansen Rick Hansen was born on August 26, 1957. At age 15 he was in a fatal car crash and suffered a spinal cord injury. He began the Man in Motion tour on March 21, 1985. The purpose of the tour was to raise funds for spinal cord research. He logged over 40,000km through 34 countries (4 continents) and raised $26 million dollars.

  9. Your Entrepreneurial Potential Some Characteristics Sociable Talkative Witty Argumentative Adventurous Strong-Willed Status-Conscious Ambitious Competitive

  10. Your Entrepreneurial Potential About You • “Lets Talk” name some of your own enterprising skills • For skills, think of school, sports teams, extra-curricular hobbies, part-time jobs, etc.

  11. Your Entrepreneurial Potential What Motivates You??? Motivators of Entrepreneurs • Money - Some wish to work in large corporations with lots of chances for advancement • Security - Some choose to work in a sector where there is little chance for job loss if you perform well • Meaningful Work - Some really want to help others, or make a difference • Learning New Skills - Some wish to better themselves within an organization

  12. Your Entrepreneurial Potential Get Involved! • Get involved in your school • clubs - teams -student council -yearbook • school newspaper - spirit days -helping others • start a club -start a band - fund raising • 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

  13. Your Entrepreneurial Potential Summary • Read pages 35-38 in your text about enterprising people in the workplace • Summarize this talk by answering the question “Why are enterprising employees critical to companies, small business and corporations?”

  14. Are You Creative?

  15. Do you have potential?

  16. Your Entrepreneurial Potential Your Entrepreneurial Potential • Credit History Collateral Infrastructure • Goals Steppingstones Milestones Targets • SWOT Analysis - Problem solving • Interpersonal skills • Critical/Creative/Practical thinking skills

  17. Your Entrepreneurial Potential Arthur L. Fry It all starts with an idea and a strong desire to develop that idea into a successful venture Arthur L. Fry was a tinkerer and a problem solver as a child: his earliest engineering efforts were devoted to creating custom-designed toboggans from scrap lumber. Fry invented what is probably the most significant office supply product since the paperclip: the Post-it® Note

  18. Your Entrepreneurial Potential Challenges Facing Young Entrepreneurs • No Credit History • No Collateral • No Experience

  19. Your Entrepreneurial Potential Setting Goals • SMART Principle • Simple, • Measurable, • Achievable, • Realistic and • Timely

  20. Your Entrepreneurial Potential S.W.O.T Analysis • Strengths • Weaknesses • Opportunities • Threats DISCUSS • Practice Project; Regent Mall Car Wash Venture Idea. (Handout)

  21. Your Entrepreneurial Potential SWOT Analysis Mercedes BenzSWOT analysis helps to determine Mercedes-Benz's position in the market. Strengths • As a leading automobile company, Mercedes-Benz is in the prime position to lead other manufacturers around the world. It is well established, provides high quality vehicles, and enjoys very good branding, earning itself plenty of respect and prestige. It is a well known provider of luxury, offering solid design and expertly tuned ride comfort, making them one the most comfortable cars to ride. The company is also market savvy, with good access to global distribution with an array of agreements and alliances.

  22. Your Entrepreneurial Potential Weaknesses • The quality of the vehicles means that they are fairly or very expensive, with much of the cost due do fashion and prestige. The strong branding which promotes this has positives and negatives - consumers like a good brand, but high prices can be an issue. Promotion is one clear source of weakness. The company's promotional campaigns are rare, and the cars take a long time to make, which can lead to impatient customers.

  23. Your Entrepreneurial Potential Weaknesses • Recently, UAW contracts have cast the company under a negative light. Mercedes Benz should not lose sight of the ever changing market base. And keep a keen eye on the needs of the consumer, and the competitors.

  24. Your Entrepreneurial Potential Opportunities • There will always be plenty of opportunities for Mercedes-Benz, which can lead to higher profits and future expansion. The new clean energy cars will be the future, and will be a major new opportunity for the company if they can secure the right technology. Booming car markets in China offer new places to sell, and the honing of already established features will ensure that new customers will want to purchase from Mercedes-Benz.

  25. Your Entrepreneurial Potential Threats • Competition is increasing, as new and dominating Asian car markets move towards the global stage. Japan and America have increased car tax for large luxury cars, which makes them less desirable. There are also more subtle social and cultural factors which could have consequences for profitability in the future.

  26. Your Entrepreneurial Potential Regent Mall Car Wash • For the summer months of June July and August, think about setting up a car wash detailing spot on the corner parking lot at the Regent Mall. Shoppers could drop off their cars for washing while they shop. Customers choose from a variety of car detailing ‘specials”. Basic wash, wash and wax, wash, wax and a carpet cleaning with vinyl cleaning. • Complete a SMART goals analysis of this Venture idea. What are the obstacle to overcome? What would be the goals to set for March, April and May? • Do a SWOT analysis for this venture. Refer to the handout for more detail

  27. Your Entrepreneurial Potential WHY SET GOALS? • Day-to Day activities often prevent us from taking time to set goals. • Goal setting ultimately results in change. • Change comes hand in hand with risk. • Goal setting is a way to manage change • Helps recognize that the present is a steppingstone to the future. • Allows people to choose the path that fits/looks the best.

  28. Your Entrepreneurial Potential Edison or Einstein? • Incremental Problem Solver • List the traits: • - • - • Out of the Box Thinker • List the traits: • - • -

  29. Your Entrepreneurial Potential Processes Associated with the Two Brain Hemispheres Left Hemisphere • Verbal • Analytical • Abstract • Rational • Logical • Linear Right Hemisphere • Nonverbal • Synthesizing • Seeing Analogies • Nonrational • Spatial • Intuitive • Imaginative

  30. Your Entrepreneurial Potential KNOW YOUR THINKING STYLE • Read Pg 56-57 • Small group study • Are you an Edison or an Einstein? • Q#1- Adv and Dis adv • Q#3-Different approaches to change • Q#4-Your style and how it will work for you.

  31. Your Entrepreneurial Potential Think About Your Skills • Interpersonal Skills • Critical Thinking vs. Creative thinking • Practical Skills

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