Chapter 2 Entrepreneurs & Enterprising People
Characteristics of a Successful Entrepreneur • Self-confident • Perceptive • Hard-working • Motivated • Resourceful • Able to Manage Risk • Creative • Goal-Oriented • Optimistic • Flexible • Independent • Visionary • Able to get Along with Others
Entrepreneurial Skills • Communicate – listen, speak and write • Generate Ideas • Indentify Opportunities • Plan • Organize • Make Decisions • Solve Problems • Negotiate • Network • Market their Ideas • Keep records (financial and others) • Lead Others
Non-Entrepreneurial Skills Invulnerability • This thought pattern leads people to feel that nothing can happen to them is disastrous. • They are likely to take unnecessary changes and unwise risks. Being Macho • This describes people who try to prove themselves by taking large risks and exposing themselves to danger. • When combined with overconfidence, it is sure to be a recipe for disaster.
Non-Entrepreneurial Skills Being Anti-Authoritarian • These people resent their actions being controlled by outside authorities. • This mind patter will never succeed when teamwork and feedback is necessary. Impulsivity • When faced with a decision, these people feel that they must do something, do anything, and do it quickly. • Do not review alternatives before acting.
Non-Entrepreneurial Skills Out of Control • These people feel that there is little if anything they can do to control the situation. Perfectionist • Time and cost implications of perfection are very high, with opportunities being passed-by because another project is not yet “perfected”. • Important not to confuse perfectionism with having high standards.
Non-Entrepreneurial Skills Know-it-all • These people actually have very few answers, and fail to recognize, that they do not know the answer.
Portrait of an Enterprising Person • Pick ten items that are characteristics or skills of an entrepreneur that you feel you are the strongest. • Create a collage of those ten items using the Internet that incorporates all ten qualities, skills or characteristics. • Title the page “Portrait of an Enterprising Person” • Be Creative! Use a variety of Pictures. • Be Professional! Organize your page in an easy to see format. • Be Responsible! Hand in your assignment by tomorrow.
Quote of the Day: Wisdom comes from good judgment. Good judgment comes from experience. Experience come from mistakes. Mistakes come from bad judgment. Chinese Proverb
Roles of Entrepreneurs • Inventor – Develop new ideas for products, processes, or services. • Innovator – Improve existing products, processes or services. • Manager – Set goals and develop a plan to achieve them. • Administrator – Implement the plan to achieve the goals. • Leader – Create the vision and communicate it to others.
What Motivates You to Excel? • An abundance of research tells us that employee recognition is a key factor in motivating employees. • Receiving recognition helps you feel good about yourself, increases your confidence, and encourages you to do a good job. • Self-esteem is an internal motivator. Something within a person that spurs the person on toward the achievement of a goal.
What motivates you to excel? • Money is an external motivator. Something outside the individual that causes the individual to act, such as a salary increase. • Trade-off – a compromise people make when they choose between two or more options.
Success Employers that wish to contribute to the success of their enterprising employees need to: • Create a workplace culture where employees feel their input is valued and where it is safe to make and learn from mistakes. • Provide the tools needed to achieve desired results. • Offer meaningful work that adds value to society.
Success • Provide alternate work arrangements so employees can balance their work with other aspects of their lives. • Support employees with benefit packages that meet the needs at various life stages.
Are you a Born Entrepreneur? • Go to the following link: http://www.forbes.com/2005/11/15/entrepreneur-personality-quiz_cx_bn_1116quiz.html • Read the Forbes article “Are you a Born Entrepreneur? • After you have read the article take the Entrepreneurial Personality Quiz that is at the end of the article. • Copy the quiz answer to WordPerfect. Do you agree with it? Explain you answer in the form of a short paragraph, then place it in the hand-in folder.
Enterprising vs. Entrepreneurial What do you think the difference is between an enterprising person & an entrepreneurial person?
Enterprising vs. Entrepreneurial Similarities Differences • Self confident • Perceptive • Goal-oriented • Creative • Hard-working • Optimistic • motivated • Do not want to take financial risk • Agents of social change
What is an agency of social change? A person whose presence or thought processes cause a change from the traditional way of handling or thinking about a problem.
Kids Caring 4 Kids http://www.youtube.com/watch?v=7uCjE0EDq9A
What about you? How can you engage in enterprising activities in your school and community? How can you be an agent of change?
Terry Fox • Read the case entitled “The Marathon of Hope” on page 33 of textbook. • Think about the following questions and be prepared to discuss with the class: • What characteristics did Terry display? • What was his vision? How did he communicate it to others? • How can we engage in enterprising activities? Can we be agents of change?
Niagara Volunteer Connection • Go to the following website: http://niagara.cioc.ca/volunteer/ • Click on “Search: Step 1” • Select “Grimsby/Lincoln/West Lincoln” • Select “General Areas of Interest” • Select “Specific Areas of Interest” • Review opportunities
SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
SWOT Analysis • Strengths, weaknesses, opportunities, and threats • Strengths and weaknesses are internal factors • Opportunities and threats are external factors • Analysis is first stage of planning and helps marketers to focus on key issues
Should I try out for cheerleading? Strengths Weaknesses • Really energetic • Good at gymnastics • Not a strong dancer
Should I try out for cheerleading? Opportunities Threats • Would be able to meet lots of new people • Already really busy with Glee Club, school and soccer • Possible scheduling conflicts?
Venture Plan Work period (pages 4 – 7)