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Chapter 1 Lesson 2

Chapter 1 Lesson 2. Characteristics of Entrepreneurial Ventures Technology & Change. Opportunity. The Entrepreneur. Business Plan. Resources. Organization. Strategy. The Components of Successful Entrepreneurial Ventures. Decide to go into business for yourself. Assess your potential.

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Chapter 1 Lesson 2

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  1. Chapter 1Lesson 2 Characteristics of Entrepreneurial Ventures Technology & Change

  2. Opportunity The Entrepreneur Business Plan Resources Organization Strategy The Components of Successful Entrepreneurial Ventures

  3. Decideto go into business for yourself Assess your potential Find an appropriate product or service idea Buy a business Start a new business Acquire a franchise Conduct a feasibility study Technical feasibility Market acceptability Financial viability Organize your business structure and legal requirements Protect your idea Arrange the necessary financing Develop a comprehensive business plan Outline of the Entrepreneurial Process

  4. Business Ventures fit into one or more of the following categories:

  5. For Profit, Non-Profit, or Not-For-Profit • For Profit - Ventures are usually undertaken for profit (to make money). Ex: East Side Board Supply, Booster Juice, Clay Cafe. • Not-For-Profit - ventures that are created for social or community service purposes. Ex: YMCA, The Salvation Army, Greenpeace, etc. Once Upon a School • Non-Profit – a venture that raises funds for a specific cause (Terry Fox Foundation & the Terry Fox Run2nd Video ) • The goal with not-for-profit and non-profit is to raise the money needed to deliver a special service or satisfy a specific need in society.

  6. Large Scale or Small Scale • Entrepreneurship is NOT dependent on the size of the business or organization, nor should a venture’s success be measured by it!

  7. Can Produce Goods or a Service • Good/Product Providing Venture – the venture provides members of society with a tangible object • Examples of Goods/Products – shoes, bottled water, cars, popcorn, etc. • Service Venture – the venture does something for a member of society. • Examples of Service Ventures – hair salon, mechanic, lawn mowing, etc. • Ventures can provide both products and services. A salon might provide the service of cutting a customer’s hair, but also sell products such as shampoo.

  8. Can be Physical or Virtual • In the past, most ventures were “brick-and-mortar” stores that you physically visited for goods/services. • With the advent of the computer and Internet, you never physically have to “visit” a store to receive goods and/or services...you can now virtually shop for what you need and want. This is often referred to as “e-commerce.” • More and more businesses today have a store front and a website. Urban Almanac

  9. Local/Provincial/National/International • Local entrepreneurship happens when the venture provides a good or service to the area in which it originated, usually a city or town. (The Radical Edge) • Provincial occurs when a venture offers its goods/services to all areas of a province. (Fuzzy Duck Fredericton) • National occurs when an entire nation (i.e. Canada) is able to use the good/service (Trail Blazer Products/Dartmouth) • International entrepreneurship occurs when more than one country in the world is making use of a good/service provided by a venture. (Major Drilling Group/Moncton)

  10. Technology & Change Positive Affects of Technology: • The growth of e-commerce (online business) has made it possible for small businesses to compete with large ones; the playing field has been evened out. • Entrepreneurs now have access to large data banks and search engines; small businesses can gather more kinds of information faster than they ever could before. • Inexpensive software is on the market to help small businesses. • Can work/shop at home. • Easier to communicate

  11. Negative effects of Technology • A negative effect of technological change is job loss due to downsizing. Much of the technology created has eliminated the need for human employees. • Downsizing – to reduce operating costs in an organization by reducing the number of employees; often takes the form of layoffs. • Lack of Privacy- people can reach you anytime and any where. Hard to escape work. • More expectations to work longer hours. • Cyber bullying.

  12. Assignment #1Chapter 1 – “What is Entrepreneurship?” Use your textbook to complete the following. The answers to this assignment will be your notes for this chapter. • What’s the difference between a good and a service? • Define globalization. • Define GNP. • What is NAFTA? How does NAFTA benefit businesses in Canada? • Explain what is meant by the theory of “supply and demand.” • Explain how entrepreneurs can have a positive impact on the local economy. • Define demographics. Why are demographics important to an Entrepreneur? • Define Intrapreneurship. What might be an example of Intrapreneurship occurring at a sports company such as NIKE or ADIDAS? • What is the oldest entrepreneurial venture in Canada?

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