Entrepreneurship 30 (1a)

“Whether you think you can or you can’t you’re right.” – Henry Ford

Videos

Entrepreneurship

Did you know

Overview

SpokesTerminology (entrepreneur, needs,

wants)Entrepreneur/Enterprising

People/IntrapreneurFactors that Influence

EntrepreneursImpact on Community

What does success mean to you?

Develop – might change – connect with goals/values

Success – means different things to different people - Family/friends/work/balance/ community/economy/treat employees

The Successful Venture The Venture Plan

Handout The success and failure of a

venture depends on how well the entrepreneur at the hub performs the tasks represented by the spokes.

More spokes (all aspects of business plan)

Spokes Self – who you are , effort, skill, persistence,

strengths, gifts, needs, self-assessment Intrapreneurship – deals with being an

enterprising person even if you are not pursing a venture of your own

Ideas – generates and evaluate ideas, right side of the brain (?), creative thinker

Opportunities – identifies entrepreneurial opportunities by examine and tracing trends and changes in society that give rise to opportunity

SpokesMarketing and Operations – day to

day, vision, marketing and operations methods

Resources – mobilize and allocate resources (human resources and economic resources)

Management –Planning, organizing, leading, controlling, motivating, conflicts, ownership

Finance – how to organize a financial strategy, you must know your numbers!!!!

Entrepreneurs

Make things happen! Agents of change!

Enterprising person, how you are , $$ - pride/accomplishment

The meaning of Entrepreneurship What does an entrepreneur do? At what point in a business career

would you consider someone to have become an entrepreneur?

Where do you find entrepreneurs? Define Entrepreneur Think Pair Share

Work in pairs to develop a consensus on the definition

Definition

Are people who take hold of opportunities/ideas when they see them; willing to assume calculated risks as they look for ways to satisfy the needs and wants of others through innovation.

Need – essential to human survival – real or psychological (emotional, security, shelter, food)

Want – human desires that go behind basics – make people feel good, or meet a goal

Entrepreneur is a person (attitude, vision) while entrepreneurship is a process (creation and building)

Reasons why someone would want to be an entrepreneur? Motivation?

Reasons/Motivation

Money

Security

Meaningful work

New skills

Necessity

Freedom

Independence

Passion

Destiny

Legacy

Unlimited earning possibility/Success

Personality

Innovative

Lead

Control ……

Enterprising People/Entrepreneur/Intrapreneur

Enterprising People

http://www.vocoli.com/blog/may-2014/10-inspiring-examples-of-successful-intrapreneurship/

3. Massachusetts Department of Correction

Idea: A guard suggested a change in the way Massachusetts Department of Correction stored their inmate photos. Instead of taking pictures with film and storing them the old fashioned way, why not use digital cameras and use a database for image storing.

Benefit: The department has sixteen correctional facilities and in the first year of implementation alone it saved $56,000 dollars on film and most likely a lot of clerical headache. Side note—if you haven’t read Ideas are Free there are many examples like this one, small ideas can be just as beneficial as sweeping innovation efforts.

- See more at: http://www.vocoli.com/blog/may-2014/10-inspiring-examples-of-successful-intrapreneurship/#sthash.1pvwwqID.dpuf

http://www.vocoli.com/blog/may-2014/10-inspiring-examples-of-successful-intrapreneurship/

6. Google

Idea: Just like W.L .Gore, Google allows time for personal projects. Some of Google’s best projects come out of their 20 percent time policy. One of these is something you probably use multiple times a day, Gmail.

Benefit: Paul Buchheit, the creator of Gmail, started on the project in 2001 and worked up to its launch on April 1, 2004 (April Fools but not really.) Gmail became the first email with a successful search feature and the option to keep all of your email (hello 1GB of storage) instead of frantically deleting to stay under your limit. The initial launch was by invite only, quite the hot commodity. Now, it’s considered a faux pas not to have an email address ending in @gmail.com.

- See more at: http://www.vocoli.com/blog/may-2014/10-inspiring-examples-of-successful-intrapreneurship/#sthash.1pvwwqID.dpuf

Industry experts believe that 30% of large companies now provide seed funds to finance intrapreneurial efforts.

One of the most notable successes comes from 3M, who created the “Bootlegging Policy,” which is a program that allows employees to spend 15% of their time at work doing creative projects. In 1987, Art Fry took advantage of this program to create the ultra profitable “Post-it Notes” product.

Skunkwork

Intrapreneurship Definition: is entrepreneurship that

occurs within an existing organization or corporation.

Goal: maintain and gain more market share (portion of your business/competition), and innovate – good business

Purpose: More and more organizations are encouraging intrapreneurial activity in order to become more competitive, improve their productivity, or keep pace with changing markets, technology, and new opportunities. Gain for the company, less personal/financial risk to employee, empowerment

Methods: smaller teams (new products, service or process), inviting customers to give them ideas, reward opportunities, stocks, suggestion box, teams, profit sharing, fun work environment, support, share power, reward, celebrate, system ….

Examples: Java, post-it notes, E.D. Smith (jams rewards with employees with bonus), Google (maps)

Other

Benefits to Employee? Benefits to Business? Which places of business typically do not

encourage intrapreneural activity because of the nature of the work? Government/bureaucracy

Not focused on how to improve

Are you protected if things go wrong

Racism, sexism, physical barriers

Four Important Components to being an entrepreneur:

1. Organization – Arrange or facilitate the development of a working enterprise or operation. See something from the first idea to the final implementation.

2. Management – To handle or direct the operations of business or venture.

3. Responsibility – Means that an individual is liable to be called to account for the actions, operations or results of an enterprise.

4. Ownership – Inherent to the entrepreneur is that of ownership. Means that you are not only responsible for the actions of the enterprise, but that you reap the benefits of success or suffer the disappointments and penalties of failure.

Impact on Community Job Creation

Those employed by the business have money to buy goods and services.

Provided locally – people will spend their money there and more jobs will be created.

People move to the area.

New Ideas Generate even more ideas and

new ways of doing things. Innovation! (cell phones, smartphones, microwaves, fridges, etc.)

Economic Benefits Competition – lowers prices;

improve society’s standard of living; more wealth to distribute.

Discussion about wireless service – North America

Political Benefits Recession – governments try to

stimulate growth! Capital growth projects – Gardner Dam

Entrepreneurship needs a supportive environment (SK vs NDP)

Factors that Influence EntrepreneursBrainstorm list

Brainstorm a list!!!!!!

Factors – historically there has always been elements of risks and factorsThe Economy:

Economy: activities related to the production and distribution of goods and services in a particular geographic region

Economic Cycle: Boom, Slow Down, Recession and Recovery

Supply and Demand – more info coming soon!

Markets Exists wherever

buyers and sellers come together, exchange

Market share – advertising can expand or move market preference

Demographics: refers to the

composition of the population

Age, sex, ethnic origin, income group

Saskatchewan 2011 Stats Canada

Moose Jaw 2011 Stats Canada

http://www.arthur-maxwell.com/articles/2011/09-generations.php

Technology: Is technology available to produce

or support your idea/venture? New technology? Finance research and development? Production? Communication? E-Commerce, Ex: eBay/PayPal

Vanier FeesSmartphonesDrones - amazon

Agricultural Diversification SK – very important factor;

diversifying operations; manufacturing; processing plants; Prairie Berry; McDougal Pulse partnership with overseas company

Environmental Concerns Dragon’s Den Season 3 Episode 7 Time 17:48

Industrial revolution up to 1960s did not worry about the environment

Keystone Pipeline – US; Farming – Hunger, Plastic bags

Ten Tree Apparel - http://www.cbc.ca/dragonsden/2012/09/ten-tree-apparel-2.html

Failure to Recycle to be Punishable by $500 Fine in San Francisco

Availability of Financing Can you afford to get your project

up and running? Can you do it by yourself or will you have to raise capital from outside sources? (owner investment and/or borrowing)

Economic Cycle – relation to financing – interest rates!

Interest Rate:

Trends and Fads: Both trends and fads influence consumer needs

and wants Trends: a general direction in society that may last

for a long time. Major impact on consumer buying habits and on business (trend – women in the workforce, convenience foods, extended shopping and banking hours, flexible hours, technology, self help)

Fads: come and go – 2000s (can you guess any) We will do more soon

Conclusion Anyone has the potential to be an

entrepreneur. On a personal level, if a person has an idea

or sees an opportunity and is willing to take a risk, he or she can become an entrepreneur.

However, a number of factors needs to be considered to determine if your idea or plan has a chance for success.

Attitude, determination, commitment and willingness to learn can go a long way.

Entrepreneurship and small business has been a foundation for our province and country! Provides tonnes of benefits to our communities.