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Entrepreneurship …what is it?. The act of identifying opportunities and taking calculated risk to satisfy the needs and wants of others Entrepreneur : Someone who has an idea and makes it happen. Entrepreneurship (Con’t). Enterprising People :

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entrepreneurship what is it
Entrepreneurship…what is it?
  • The act of identifying opportunities and taking calculated risk to satisfy the needs and wants of others
  • Entrepreneur:

Someone who has an idea and makes it happen

entrepreneurship con t
Entrepreneurship (Con’t)
  • Enterprising People:

Much like entrepreneurs; have similar characteristics

Only those who are willing to take financial risks will become Entrepreneurs

  • Intrapreneurs:

People who are entrepreneurial or enterprising within a corporation or organization

entrepreneurship con t1
Entrepreneurship(Con’t)
  • Venture:

A business undertaking or startup that has an impact on people’s lives

  • Success:

Favourable or desirable outcome – to meet a goal

entrepreneurship con t2
Entrepreneurship (Con’t)
  • Venture Categories:
  • For-Profit / Not-For-Profit
  • Profit: to make moneyNot-For-Profit: created for social or community purposes, i.e. Big Sisters, Heart & Stroke, United Way, etc.
entrepreneurship con t3
Entrepreneurship (Con’t)

Venture Categories:

  • Large Scale / Small Scale
  • Size of business doesn’t matter
  • Businesses seek to satisfy needs or wants based on the scale size of their businessi.e. Small Business / Smaller Scale Satisfy needs or wants at Local Leveli.e. Large Business / Large Scale Satisfy needs or wants at either a national or international Level
entrepreneurship con t4
Entrepreneurship (Con’t)

Venture Categories:

  • Service Production / Goods Production

Service: performing an action that is useful to others

Good: a product produced or distributed for sale

entrepreneurship con t5
Entrepreneurship (Con’t)

Venture Categories:

  • Physical and Virtual

Physical (a.k.a.Bricks & Mortar):- locations to shop

Virtual Business: business conducted electronically through E-Commerce over the Internet

entrepreneurship con t6
Entrepreneurship (Con’t)

Venture Categories:

  • Local/Provincial/National/International:a) Local: confined to one community (Keswick)b) Provincial: located in several towns & cities in one province (Ontario)c) National: located in more than one provinced) International: located in more than one country
impact on the community
Impact on the Community
  • Entrepreneurs can hugely impact a local economy in terms of …
    • Job creation (multiplier effect)

1. Employees make

2. They buy goods & services

- if G&S are provided locally, good chance they will spend their within the community

- in turn, creates more jobs

3. Growing communities attract people

impact on the community con t
Impact on the Community(Con’t)
  • New Ideas (generate a new way of doing things)
  • Economic and political benefits

- Competition lowers prices

- Leads to improved standard of living

- One successful new business can produce additional opportunities

- Government support encourages entrepreneurship