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ENTREPRENEURSHIP - UNIT 4

ENTREPRENEURSHIP - UNIT 4. Chapter 13 “A person who organizes, manages, and assumes the risks of starting and operating an enterprise.” Dot-com company Magna, Barrick Gold. CHARACTERISTICS.

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ENTREPRENEURSHIP - UNIT 4

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  1. ENTREPRENEURSHIP - UNIT 4 • Chapter 13 • “A person who organizes, manages, and assumes the risks of starting and operating an enterprise.” • Dot-com company • Magna, Barrick Gold

  2. CHARACTERISTICS • Aptitude - natural talents, tendencies or capacities (artistic, perceptive, logical, mechanical, spatial, physical, intellectual) • With practice, hard work and education you can take a basic talent and turn it into an entrepreneurial enterprise

  3. CHARACTERISTICS • Vision - visualizing end results or goals • Mission Statement - presents the aims, objectives and general principles that a company focuses on. • *Research and write two mission statements from companies that interest you!

  4. CHARACTERISTICS • Risk-tolerance - the degree to which you can comfortably accept taking chances. • Confidence - believing in your own abilities • Creativity - the ability to create things • Perseverance - determination to succeed

  5. CHARACTERISTICS • Initiative - the readiness and willingness to start a new enterprise • Integrity - the personal commitment to keep your promises • Passion - loving what you do; passionate about your ideas and vision • Questions 1, 2 and 3 - page 356

  6. SKILLS • Problem-solving: seeing opportunities in problems and being able to solve problems • Communication: being able to do it and do it clearly and articulately; being a good listener; analyzing • Writing: reflects everything you do; proposals, reports, press releases

  7. SKILLS • Planning: can determine success or failure; allows you to prepare for the future; planning for growth • Decision making: must be able to do it; what are some methods you can use to help you make a decision? • Leadership: the ability to lead others • Questions 1 & 3 page 363

  8. CHAPTER 14 - Roles/Contributions • Business Profile - page 373 • Discovering opportunities - recognizing a problem that consumers are having satisfying their needs and wants • Marketing: persuading consumers that they have the need or want and a particular product will fill it • Timing, spotting trends, acting quickly – Roy Kroc – what do consumers want that we don’t have? Filling the gap

  9. Doing What You Enjoy! • Artistic, Gardening, Model Trains • Is it that simple? • Sleep Country and Cirque du Soleil • Sleep Country: Consumers wanted friendly staff, cheerful stores, home delivery, removal of old mattresses and local stores • Jingle? • Business modeled on a business that was already a success

  10. QUESTIONS: • Question 2, page 380 • Question 3, page 380 • Come up with 5 ideas that you will share with the class tomorrow.

  11. OPPORTUNITIES • Age shouldn’t be a barrier • Domino’s Pizza – borrowed $500 at age 19 • Estee Lauder first sold skin cream at school when she was 16 • Fred DeLuca opened the first Subway sandwich shop when he was 17 • Pizza Hut – two college-aged brothers who borrowed $600 from their mother – 1960s • Bill Gates started his first software company, Traf-O-Data when he was 15

  12. OPPORTUNITIES • Grocery Gateway • Taping into people’s busy lives • Lawn-care, snow-removal, dog-walking, house cleaning • Environmental issues • Baby boomers

  13. Market Research • Helps you focus on demographics of your target audience and changes that are occuring. • Reading (page. 384) • Networking – formal or informal • Information Interviews • Questionnaires, pg. 386

  14. Human/Financial Resources • Need money to start (rent, money to buy product, advertising etc.) • Human resources: employees, accountants, consultants, financial advisors, lawyers • Financial resources: personal savings, loans from family, loans from banks, venture capitalists (paying yourself)

  15. BUSINESS PLAN • How you will use your business ideas to achieve your business goals. • Makes business objectives/goals clear • Gives you a better understanding of the industry • Shows potential strengths/weaknesses • Useful for prospective investors

  16. Business Plan • Introduction • Summary • Company background or entrepreneurs • Product or service • Market/marketing plan • Financial Data • Investment required • Strategic plan/timetable

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