Entrepreneurship 101

1. Entrepreneurship 101 Chapter One

2. Teen Millionaires ... How Did They Do It 8.11 min • Teenage Millionaires

3. Self-made millionaire at age 14. • http://www.youtube.com/watch?v=1C9tTUuWSfU&feature=related • 8.45 min • Quirky's Pivot Power • http://www.youtube.com/watch?v=vhX1MW-xijI • 38 sec

4. Entrepreneur • One who organizes, manages and assumes the risks of a business or enterprise • One who takes a riskand starts a business to solve a problem ORtake advantage of an opportunity

5. Robert Fournier, 16, get's ready to take his sister Laura for a spin around the block on one of his rickshaws in Smith Falls.

6. It was a gutsy decision for Rachel Hill-Campbell, but one made easier to stomach through the help of entrepreneurial friends. Eight years ago, Hill-Campbell started her St. Catharines mobile eyeglass-selling venture called Personal Optical. She made use of the Niagara College Business Development Centre, which provides in-house training, business mentorship and provincial government funding for qualified people starting new businesses.

7. School project turns into small business opportunity for Fort Erie teen Lakeshore Catholic high school student Gaetano Letizia didn’t have to go knocking on doors to find a summer job for himself.The 17-year-old Fort Erie resident created one for himself.

8. Cassie Rempel, 22, is the owner of Bark Fur Joy grooming salon.Rempel’s business specializes in providing quality dog and cat grooming, with extra love and affection for people's furry friends. The owner of three pooches herself, she learned her craft during an intensive training course at a St. Catharines dog grooming school. She studied business at Hamilton's Mohawk College where she learned how to make a business plan.  Now she employs and trains several staff members at the busy salon that also serves as a doggy daycare for owners who drop their pets off for a "day at the spa".

11. Entrepreneur

15. The meaning of entrepreneurship? • What is Entrepreneurship? • Write down as many characteristics about an entrepreneur as possible. • Also, read between the lines.

16. Characteristics of an entrepreneur?

17. Characteristics of an entrepreneur • Innovative • Determine • Self-confident • Resilient • Driven • Adventurous • Don’t accept failure – Look at it as a challenge • Persistent

18. Characteristics of an entrepreneur • Energetic • Motivated • Opportunistic • Brave • Flexible • Confident • Creative

19. Characteristics of an entrepreneur • Experimental • Intelligent • Common Sense • Knowledgeable • Adaptive • Take initiative • Self-starter

20. Characteristics of an entrepreneur • Personable • Organized • Risk Taker • Trust in self and others (self confident) • Trustworthy • Understanding • Hussel

21. Characteristics of an entrepreneur • Visualization • Hard work -- insane amount of work

22. Characteristics of Entrepreneurial Ventures

23. YouTube • Sarah Blakely interviewed on NY 360 • Sara Blakely, Speaker, Entrepreneur & Founder of SPANX • http://www.youtube.com/watch?v=kFx-RdVLheI

24. 1. For-Profit / Not-for-Profit For-Profit - make money Not-for-Profit - offer something for society - not make a profit (Charities, United Way ...)

25. FOR-PROFIT American Eagle Sport Chek Canadian Tire Black’s Cameras Dell Computers Radio Shack General Motors Donegan’s Haulage Pizza Hut Drains Are Us Plumbing NOT-FOR-PROFIT Salvation Army Big Sisters United Way Boy Scouts of Canada Rotary Club Arthritis Society Girl Guides Cancer Society Canadian Red Cross Canadian Diabetes Association

27. Is this a “for-profit” or a “not-for-profit” business????

30. 2. Large Scale / Small Scale • international vs local

32. 3. Goods versus A Service • Goods = $ value Tangible (can touch) • Service = $ value Intangible (can see the result of)

33. Do these business provide goods or services????

36. SERVICE / GOODS Services Goods Bender’s Auto Service Toyota Corp. Hair Connection Spinrite Yarns Ltd. Dr. Betty Ferguson Bauer Sports Ltd. Abacus Computer Training Microsoft Corp. Zebroski Chartered Accountant General Electric Ltd.

37. 4. Physical / Virtual • shopping malls, car dealerships • e-commerce (no store front)

38. 5. Local/Provincial /National /International • local = one community • provincial = withinone province • national = includes several provinces • international = includes world

39. CANADIAN LOCAL, NATIONAL, INTERNATIONAL, BUSINESSES • LOCAL – (list some local business) • NATIONAL BUSINESSES • Canadian Tire -Radio Shack • Root’s -Hudson Bay • Canada Trust -Intrawest • INTERNATIONAL BUSINESSES • NHL -CIBC • McCain’s Foods -Bombardier Corp. • Tim Horton’s -Nortel

40. List three advantages and three disadvantages to selling a product in each type of market.

41. Definitionsyou need to know

42. Globalization: • make, sell, trade around the globe

44. Gross National Product (GNP) • the total monetary value of all the goods and services produced in Canada in one year

45. Trade Agreements: • GATT General Agreement on Tariffs & Trade • NAFTA North American Free Trade Agreement

46. Downsizing • is the “conscious use of permanent personnel reductions in an attempt to improve efficiency and/or effectiveness”

47. Rightsizing to reduce (as a workforce) to an optimal size

48. Outsourcing means taking some specific, but limited, function that your company was doing in-house – and having another company perform that exact same function for you and then reintegrating their work back into your overall operation.

49. Offshoring is when a company takes one of its factories that it is operating here and moves the whole factor offshore – to another country

50. Assignment:List five ways in which technology has changed the lives of Canadians over the past 20 years. Explain the positive or negative impact of each change. The first one has been done for you.