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BDI3C RATZ Entrepreneurs and Enterprising People Unit Notes

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Entrepreneurs and Enterprising People. Unit Notes. Enterprising: What does it mean?. The enterprising children opened a lemonade stand. Enterprising: - PowerPoint PPT Presentation

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Page 1: Entrepreneurs and Enterprising People

BDI3CRATZ

Entrepreneurs and Enterprising PeopleUnit Notes

Page 2: Entrepreneurs and Enterprising People

BDI3CRATZ

Enterprising: What does it mean?The enterprising children opened a lemonade

stand.Enterprising:

showing initiative and willingness to undertake new projects; ready to undertake important, difficult or new projects, energetic in carrying out an undertaking

Are enterprising people also entrepreneurs?Are entrepreneurs enterprising?

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Enterprising/Entrepreneurial OpportunitiesMarket-pulled opportunities

Developing a solution to a problem and taking advantage of it

E.g., Bombardier snowmobile

Product-driven opportunities Developing an idea first and then looking for a

marketing opportunity E.g., 3M post-it notes

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Enterprising vs. Entrepreneur

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Who are Entrepreneurs?What do entrepreneurs look like?

Age? Sex? Marital status? Nationality? Background? Born or made?

Let’s do some research!

Page 6: Entrepreneurs and Enterprising People

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Desirable Skills of EntrepreneursNumeracyLiteracyFinancial managementTime managementDecision makingOrganizationPlanning

LeadingStress managementRecord keepingCommunicationNegotiation

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Desirable Characteristics of EntrepreneursWilling to take a riskPositive attitudeStrong sense of

commitmentHardworking and

energeticHave spirit of adventureSelf-confident and self-

reliant

Be goal orientedBe innovative, creative

and versatileBe persistentStrong need to achieve

and seek personal accomplishment

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Undesirable Characteristics for Entrepreneurs InvulnerabilityBeing machoBeing anti-authoritarian ImpulsivenessPerfectionistsKnow-It-All

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Contributions of Entrepreneurs to SocietyCreate new ventures that provide new,

improved products and servicesFind new ways of making products and services

available to more peopleCompete with each other to be the “best”

which improves production (product quality) and keeps prices down

Create jobs in the community through their new venture

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Social ResponsibilityDoing things to contribute to the “common

good” or contribute positively in the community

Goal of socially responsible business is to have a positive impact on society

In the past, company’s success was measured only by net income

Now, society demands moreBusinesses must consider social and

community consequence of their actions

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Contributions of Entrepreneurs to Society Increase the quantity of products and services

we produce in our economy be creating new ventures

Create new opportunities for others through their initiatives and innovations

Provide communities with a spirit of energy, initiative and potential for progress

Page 12: Entrepreneurs and Enterprising People

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Social Responsibility Investors, customers and employees want to

know that companies they invest in, buy from and work for positively impact society while achieving financial success

Page 13: Entrepreneurs and Enterprising People

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How does a business act socially responsible?Treats employees fairlyMakes decisions that help protect environmentContributes to charitiesContributes to community development

Can you build a socially responsible business?http://www.pbs.org/opb/thenewheroes/engage/

business.html

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Examines needs, wants and problems for which he/she feels there is something that can be done

The Entrepreneur’s Dozen

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Narrows the possible outcomes down to one specific opportunity

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Thinks of an innovative idea

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Researches the opportunity and idea thoroughly

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Enlists the best source of advice and assistance

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Plans the venture and looks for possible problems that may arise

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Ranks the risks and possible rewards

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Evaluates the risks and possible rewards and makes a decision

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Never hangs on to an idea if research shows it won’t work

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Employs the resources necessary if the decision is made to go ahead with the venture

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Understands that any entrepreneurial venture will take a great deal of long, hard work

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Realizes a sense of accomplishment from successful ventures and learns from failed ones to achieve success in the future

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Advantages of EntrepreneurshipBe your own boss

Entrepreneurs control their own destiny.

Choose a business that interests you Combine hobbies and interests

Be creative Implement creative ideas you have

Make lots of money Entrepreneurs can make lots of money if their

business succeeds.

Page 27: Entrepreneurs and Enterprising People

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Disadvantages of EntrepreneurshipEntrepreneurship is risky

All entrepreneurs face the possibility of failure, going out of business or losing business.

Uncertain and irregular income You won’t know for sure how much money you’ll

have each month.

Long hours Evenings and weekends are often work hours.

Entrepreneurs do not get paid for time off.

Make all decisions yourself You are responsible for everything

Page 28: Entrepreneurs and Enterprising People

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Entrepreneur QuizTrue or False?1. Entrepreneurs are born, not made.2. Entrepreneurs are gamblers.3. Entrepreneurs are completely independent.4. Entrepreneurs face greater stress than

corporate managers.5. Most new businesses end in failure within five

years.6. Money is the most important startup

ingredient.

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True or False?7. Talented entrepreneurs achieve success

within the first year.8. Most entrepreneurs do not complete high

school.9. Entrepreneurs thrive on accomplishment

more than power.10. Entrepreneurs are generally young (25 and

under)and full of energy.